Abu Dhabi investment firm Chimera Capital said on Monday it was launching a $2 billion private credit fund with U.S. alternative asset manager Alpha Wave Global.

Chimera Capital and Alpha Wave Global will jointly manage the Alpha Wave Private Credit, which will look to provide private, senior secured, floating rate loans for companies, Chimera said. Its mandate is global but has a primary focus on the United States, Canada, the UK, the EU and Australia.

Syed Basar Shuev, Chimera‘s chairman, said the fund was part of an “ambition to continue playing an active role in cementing Abu Dhabi’s position as a global hub for capital solutions.”

In January, Chimera, part of Royal Group, chaired by the United Arab Emirates’ national security adviser, Sheikh Tahnoun bin Zayed Al Nahyan, and Alpha Wave Global, formerly Falcon Edge Capital, closed their second venture capital fund at $10 billion.

The private credit fund follows the recent setting up of a Credit Strategies department at Chimera “and comes on the back of significant growth across our venture capital, public equity business, as well as our advisory platform,” said Chimera CEO Seif Fikry.

Reuters